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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.
Effective July 22, 2022, the Board of Directors (the “Board”) of OmniLit Acquisition Corp. (the “Company”) accepted the resignation of Brian F. Hughes and appointed Mark D. Norman to the audit committee as the chair. Mark Norman has been an independent director of the Company since November 2021. Mr. Hughes’s resignation was for personal reasons and not due to a disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. Mr. Hughes appreciated the opportunity to serve on the board of the Company. A copy of Mr. Hughes’s resignation letter is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The Company Board is committed to strong governance practices. Prior to Mr. Hughes resignation, the Board had four independent directors in total, three of the four independent directors were assigned to the audit committee. With Mr. Hughes’s departure and Mr. Norman’s appointment, the board will continue to maintain three independent directors on the audit committee.
Prior to joining the Board of Directors of the Company, Mark Norman was CEO of Chrysler Canada (NYSE: STLA (merged with Stellantis)) where he started out his career washing cars at a local dealership. From there, he was recruited to become CEO of Flexcar, a nascent car-sharing company. He successfully negotiated the sale of Flexcar to rival Zipcar (NASDAQ: ZIP), where as president, he led the company’s expansion into over 25 major cities and more than 300 college campuses, creating the world’s largest car-sharing network. Mark and the team managed the company’s IPO on the NASDAQ and subsequent sale to Avis Budget Group (NASDAQ: CAR). He is currently Managing Partner at FM Capital.
Mark Norman has an MBA from Harvard Business School and a BA in Economics from Rice University.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| 99.1 | Brian F. Hughes’ resignation letter dated July 20, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: July 22, 2022 | ||
| OmniLit Acquisition Corp. | ||
| By: | /s/ Al Kapoor | |
| Name: | Al Kapoor | |
| Title: | Chairman and Chief Executive Officer | |
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